For property owners it’s good to get an idea of typical risks before getting insurance cover, that way you get a tailored product for your needs. Here’s the word;
Specialist home insurance provider, Homeprotect, part of the Avantia Group, has launched its new Home Risk Calculator, an interactive tool designed to help UK homeowners, landlords, and property investors identify potentially hidden risks, such as subsidence, flood risk and other factors that may impact their home insurance.
The launch follows new research from Homeprotect, which revealed that one in five homeowners believe their property isn’t at risk from perils such as storm, subsidence or flood, highlighting a worrying gap in risk awareness.
In fact, over a third of homeowners believe that accidental damage is the single biggest risk to their property, despite more costly or location-driven threats such as escape of water, flooding or ground movement typically proving more significant in terms of potential damage and the cost and complexity of the claim.
As property risks often impact insurance costs, this tool provides homeowners with direct access to clear, valuable information tailored to their location and property type.
Developed by Homeprotect, the Home Risk Calculator allows users to enter any UK postcode along with five simple questions and instantly see if a property is at low, medium or high risk of perils such as flooding and subsidence, allowing people to make more informed decisions when purchasing, renovating, or managing properties. It also offers personalised tips based on the risks, for example, what improvements to make to your home to protect against the risk of flooding or theft. For landlords and property investors, the tool can also be used to look at the risk factors for a property that’s already within their portfolio, or for one they’re considering.
Homeprotect’s data highlights the UK postcodes most at risk of common home insurance perils – with Hemel Hempstead (HP) seeing the highest rates of accidental damage, Belfast (BT) leading in escape of water, Bradford (BD) experiencing the most fire claims, Hereford (HR) most at risk of flood, South-East London (SE) topping the list for ground movement, Blackpool (FY) for storms, and North-West London (NW) facing the greatest incidence of theft.
With clearer visibility into these factors, property owners and potential buyers are better equipped to take proactive steps that could lower their insurance risk and potentially even lower the price of their premium. Homeprotect’s research shows that more than half of homeowners would take action to reduce a risk (such as installing flood barriers, alarm systems, extra locks or regular maintenance) if they knew their property was particularly exposed – proving that awareness is a powerful driver of preventative action.
David Joyson, Chief Customer Officer at Homeprotect, part of the Avantia Group, says:
“We have the largest underwriting footprint in the UK home insurance market, which means we are uniquely placed to use our proprietary data to create a consumer tool like this. Our Home Risk Calculator removes the guesswork, putting vital information at people’s fingertips, whether they’re buying, investing or simply want to protect what they already have.
“Buying or investing in a property is a huge decision with a number of unknowns. We believe the Home Risk Calculator tool can help take away some of that uncertainty, encouraging homeowners and investors to check their property, understand the specific risks, and take proactive steps to reduce their risk wherever possible.”
The Home Risk Calculator is now live for UK properties: Home Risk Calculator – Homeprotect
Be the first to comment